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USD/JPY Continues To Lose Altitude

DOLLAR-YEN

USD/JPY lost altitude in yesterday's U.S. hours, as the greenback was offered on the back of poor (though expected) GDP data out of the U.S. and a tweet in which the POTUS floated the idea of delaying the November election. USD/JPY printed a fresh multi-month low in its sixth straight day of losses.

  • USD/JPY has already sank through yesterday's worst levels, last sits -6 pips at Y104.66. Bears look for a dip through Mar 13 low of Y104.51 before targeting the lower 2.0% 10-DMA at Y103.78. Bulls look for a rebound above Jul 27 high of Y106.16.
  • Just worth reminding that Japanese MoF expressed concern with JPY's sharp appreciation yesterday and said that officials are watching FX markets with a sense of urgency.
  • Japan's unemployment & flash industrial output headline today. Next week, focus turns to final GDP & final Jibun Bank M'fing PMI (Monday), Tokyo CPI (Tuesday) and earnings/spending data (Friday).
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